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FEDERAL RESERVE BAMK OF MEW YORK [ Circular No. 9648 March 1, 1984 1 REGULATIONS E AND Z AND OFFICIAL STAFF COMMENTARIES Extension of Comment Period on Proposed Amendments ToAll Depository Institutions, and Others Concerned, in theSecondFederal ReserveDistrict: F o llo w in g is the tex t o f a statem ent issued by the B oard o f G o v ern o rs o f the F ederal R eserve System : The Federal Reserve Board has extended, to March 30, the comment period on certain proposals related to Regulations E (Electronic Fund Transfers) and Z (Truth in Lending). The proposals include: — an amendment to Regulation E regarding its application in point-of-sale transactions, and the update to the official staff commentary; — an amendment to Regulation Z clarifying that all credit cards are covered by the rules concern ing the issuance of credit cards and the limits of cardholder liability for unauthorized charges; and — a proposed staff interpretation regarding the scope of the securities exemption under Regula tion Z. The Board extended the comment period to provide interested parties with additional time to pre sent their views. P rin ted on th e fo llo w in g pages is the text o f the B o a rd ’s notice. C o m m en ts on these proposals should be su b m itted by M arch 30, 1984, and m ay be sent to our R eg u latio n s D ivision. A n th o n y M . S o l o m o n , P r e s id e n t. c FEDERAL RESERVE SYSTEM 12 CFR Part 205 [Reg0 E; Docket No0 R-0502] Extension of comment period AGENCY: Board of Governors of the Federal Reserve System*, ACTION: Proposed rulemaking and proposed update to official staff com mentary; extension of comment period. SUMMARY: By notice published on January 18s 1984 (49 FR 2204)9 the Board of Governors requested comment on proposed amendments to Regulation E (Electronic Fund Transfers) and a proposed update to the official staff commentary*, Comment was requested on the proposal by February 24, 1984. The Board has been asked to extend the comment periodo To provide interested parties with additional time in which to present their views, the comment period has been extended through March 30, 1984o EFFECTIVE DATE: February 17, 1984* FOR FURTHER INFORMATION CONTACT: Gerald P, Hurst, Staff Attorney, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, Washington, DoCo 20551, at (202) 452~3667e By order of the Board of Governors, acting through its Secretary under delegated authority, February 17, 1984*, (signed) William W. Wiles William W0 Wiles Secretary of the Board v 2 FEDERAL RESERVE SYSTEM 12 CFR Part 226 [Reg* Z; Doc* No* R-0501] TRUTH IN LENDING Extension of Comment Period AGENCY: Board of Governors of the Federal Reserve System* ACTION: Proposed rulemaking; extension of comment period* SUMMARY: By notice published on January 18, 1984 (49 FR 2210), the Board of Governors requested comment on a proposed amendment to revised Regulation Z (Truth in Lending)* The amendment to Regulation Z would make clear that the restriction on unsolicited issuance of credit cards in § 226.12(a) and the provision in § 226*12(b) limiting a cardholder's liability for unauthorized use of a credit card to a maximum of $50 apply to credit cards issued for use in transactions that are exempt from other sections of the regulation* was requested on the proposal by February 24, 1984* Comment To provide interested parties with additional time in which to present their views, the comment period has been extended through March 30, 1984* EFFECTIVE DATE: February 17, 1984* FOR FURTHER INFORMATION CONTACT: Lynn C* Goldfaden or Richard S. Garabedian, Staff Attorneys, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, Washington, D*C* 20551 at (202) 452-3667* By order of the Board of Governors, acting through its Secretary under delegated authority, February 17, 1984* (signed) William W. Wiles ~~ 3 William W* Wiles Secretary of the Board FEDERAL RESERVE SYSTEM 12 CFR Part 226 [Reg, Z; TIL-1] TRUTH IN LENDING Extension of Comment Period AGENCY: Board of Governors of the Federal Reserve System. ACTION: Proposed official staff interpretation; extension of comment periodo SUMMARY: By notice published on January 18s 1984 (49 FR 2211)9 the Board of Governors requested comment on a proposed change to the official staff commentary to Regulation Z (Truth in Lending),, The proposal addresses the scope of the securities transaction exemption contained in § 226„3(d) and is intended to clarify its application,, 19840 Comment was requested on the proposal by February 24, The Board has been asked to extend the comment periodo To provide interested parties with additional time in which to present their views, the comment period has been extended through March 30, 19840 EFFECTIVE DATE: February 17, 1984c FOR FURTHER INFORMATION CONTACT: Ruth Ra Amberg, Senior Attorney, or Richard S» Garabedians Staff Attorneys Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, Washington, D.C. 20551, at (202) 452=3667o By order of the Board of Governors, acting through its Secretary under delegated authority, February 17, 1984„ (signed) William W. Wiles " ’ William W» Wiles Secretary of the Board 4 ~
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